Boston, Mass.-based Tidelift, a company on a mission to address open source supply chain “health and security,” has raised $27 million in Series C funding.
High profile supply chain attacks like SolarWinds, Kaseya, Codecov, ua-parser-js and Log4j have put pressure on companies and governments to address the risks associated with open source and other software supply chain risks.
President Biden’s May 2021 Executive Order includes supply chain attacks as an area of concern. More recently, on January 13, 2022, a White House summit involving representatives of the U.S. government and major tech companies discussed open source software security.
According to a study conducted by Argon (an Aqua Security company), the number of software supply chain attacks tripled in 2021 compared to 2020.
Tidelift’s goal is to connect the needs of enterprise application development teams and open source maintainers to improve the security of open source code.
“A central element of Tidelift’s model is that the company pays the independent open source maintainers behind thousands of open source components to ensure their projects meet enterprise standards now and into the future,” the company explained. “The more subscribers that use an open source component, the more its maintainers get paid, with no cap on potential earnings.”
The funding round was led by Dorilton Ventures, with Kaiser Permanente and Atlassian Ventures joining existing investors General Catalyst and Foundry Group.
As part of the investment, Daniel Freeman of Dorilton Ventures has joined the Tidelift Board of Directors.
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